House committee will reopen discussions on digital dollar in Sept. 14 hearing


The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion will be holding a hearing discussing central financial institution digital currencies (CBDCs) for the primary time in months.

In a Sept. 7 announcement, Republican lawmakers on the committee said they deliberate to carry a hearing discussing the implications of releasing a CBDC in addition to “private sector alternatives.” The “Digital Dollar Dilemma” dialogue will be held on Sept. 14, roughly two weeks earlier than U.S. Securities and Exchange Commission Chair Gary Gensler will reportedly testify earlier than the complete committee.

The hearing will mark the primary time in months lawmakers in the House committee will address issues related to the rollout of a digital dollar in the United States. Members of Congress had been largely in recess for August.

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A possible CBDC rollout in the U.S. has turn into a coverage place for just a few presidential candidates working in 2024. Florida Gov. Ron DeSantis, the main Republican Party candidate behind former U.S. President Donald Trump, stated in July he planned to ban CBDCs if elected. Vivek Ramaswamy, one other Republican candidate trailing behind DeSantis, has additionally criticized CBDCs, evaluating the know-how to China’s social credit score system.

Some U.S. lawmakers have proposed totally different legislative approaches to tackling points associated to a CBDC rollout in the nation, together with limiting the Federal Reserve’s authority over issuing a digital dollar. Various U.S. states have additionally passed bills banning CBDCs as cost choices, together with Florida.

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